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Products October 27, 2005
Schwab Taps State Street for Fund Services
October 27, 2005 (PLANSPONSOR.com) - State Street
Corporation has been selected by Charles Schwab Investment
Management (CSIM) to provide a broad range of investment
services including accounting, custody and securities lending
to the Schwab Funds and Laudus funds.
Reported by Fred Schneyer
State Street is the leading provider of fund accounting in the United States, servicing more than 40% of the mutual fund industry. CSIM represents more than 67 funds in total and $140 billion in assets.
“Our goal is to move from a complex structure of several outside vendor relationships to a simpler one, consolidating to gain efficiency,” said George Pereira, chief financial officer of CSIM, in a State Street press release. “The new fund accounting and custody structure we have implemented will offer numerous benefits, including a simpler and more scalable operating structure, a more efficient shareholder reporting process and tighter risk management.”